Tier I. Classic Safety Members hired prior to July 1, 2011 will have a retirement formula that is based on 3.0% @ 50 Plan Full Formula for Safety Members and upon retirement an employee’s “final compensation” will be based on the “highest one (1) year” salary. For Tier I above, the City shall pay up to one hundred percent (100%) of each employee’s required retirement contributions pursuant to the retirement plan maintained by the City through PERS. Said payments shall not exceed nine percent (9%) of the employee’s “PERSable” compensation. These payments are not salary increases but are the City’s payment of employees’ retirement contribution in accordance with Section 414(h)(2) of the Internal Revenue Code.
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Samples: www.lris.com, www.fontana.org, www.fontanaca.gov
